Radamel Falcao-Ryan Giggs
Radamel Falcao-Ryan GiggsGetty

Arsenal have rejected the opportunity to sign Radamel Falcao on the deadline day of the summer transfer window, according to the Express.

The Colombian international left AS Monaco and completed his switch to Manchester United in the closing hours of the transfer window on Monday. The 28-year-old joined the 20-time English champions on a season-long loan and with an option to make it permanent at the end of the season.

The loan deal will see Louis van Gaal's side spend £6m on the transfer and will also pay the striker's wages during his time at Old Trafford.

The Guardian earlier reported that the Gunners and Premier League champions Manchester City are keen on signing Falcao before the window shuts. The deal was set to be believed to be a permanent transfer for a fee of £55m.

Arsene Wenger is without the services of his main striker Olivier Giroud. The French international is out of action for four months after picking up an injury during the north London club's 2-2 draw against Everton.

Injury to Giroud had left the French manager with his compatriot Yaya Sanogo as the only recognised player to lead Arsenal's attack. The Gunners had a chance to sign Falcao, but Wenger turned down the chance to land the former Atletico Madrid star due to the player's high asking price.

Falcao's arrival saw England international Danny Welbeck drop further down the pecking order at United. Despite Javier Hernandez completing a loan-switch to Real Madrid, Welbeck knew his chances would be minimal under the Dutchman.

The 23-year-old left his boyhood club and completed a switch to the Emirates in a £16m deal as Falcao agreed a deal with United. Wenger refused to pay the South American hotshot's asking price and decided to spend the money on signing Welbeck.

It should be seen whether the opportunity to turn down Falcao was a right decision or not later in the season. However, Welbeck could revive his career at the north London club and get regular playing time under his belt, at least till Giroud returns from injury.